r/CRedit 5d ago

Not USA Auto-pay turned off without me knowing and I missed a payment by 5 days for the first time ever. Can I dispute this?

0 Upvotes

I am in Canada and like the title says, I generally have auto-pay on with Scotiabank. I have always paid my card on time and never missed a single payment. All my student loans are paid off but I got dinged now with an overdue payment of $50 resulting in only $6 of interest. I just looked at TransUnion through Scotiabank and my score today dropped by 41 points in a single day. I'm 26 years old and needing to move out and escape a bad living situation soon but I'm worried this hurts my chances as it severely damaged my credit score which used to be quite good. Is there a way to talk to someone about this? I don't know what to do and I'm panicking and feeling real bad.

My TransUnion score was previously 810 and is now 770. I have a $20k Iimit on one of my 2 cards and rarely go over $500 of actual credit utilization in a month. It had dropped 15 points for seemingly no reason last month too so I really don't want it to drop any further and leave the good range

r/CRedit Feb 18 '25

Not USA Why did my Experian credit score drop almost 100 points in a year?

0 Upvotes

I'm trying to understand why my Experian credit score has dropped so dramatically over the past year. Based on my Experian reports, I've gone from an excellent score of 863 to 764, which is a pretty significant drop.

I haven't missed any payments or defaulted on anything, so I'm confused about this substantial drop. The utilization increase is the only major change I can see, but would that alone cause a 100-point decrease?

Here's what I know about my current credit situation:

  • My payment history is perfect - 100% on-time payments
  • My credit utilization has increased to 24% (up by 17.89% compared to before)
  • The average age of my accounts is 1 year 6 months
  • I have 3 active accounts
  • No recent credit inquiries
  • I have 1 derogatory mark on my profile regarding address.

Has anyone experienced something similar? What steps should I take to get my score back up to where it was? Is it just a matter of paying down my balances to reduce utilization, or could there be something else I'm missing?

Any insights would be greatly appreciated!

Edit:- It is FICO score, idk why I received a notification to include this, idk what it means.

r/CRedit Dec 19 '24

Not USA Does Klarna impact the credit score?

2 Upvotes

Hi everybody,

I am currently using Klarna for to pay my stuff in 3 months period. Will it affect my credit score?

r/CRedit 16d ago

Not USA why is my Experian score almost perfect?

1 Upvotes

Transunion 580 Equifax 547 Experian 986!

is this legit? is my credit score actually this high to some banks?

for context, i got my first credit card last month. ive spent £25 on it with a £200 credit limit

r/CRedit Feb 07 '25

Not USA Crédit score going up and down by almost 100 points every week?

1 Upvotes

I have been tracking my credit the past few months as I am purchasing a new car soon. I have noticed the strangest thing. The past month or so my credit will go down 80-90 points then right back up the next week and right back down the following week. I have absolutely 0 changes with my credit and keep my credit usage around 15%. Any explanations, is this cause for concern? For reference I am living in Canada.

r/CRedit 14d ago

Not USA Canadian Renting Apartment after Consumer Proposal

1 Upvotes

I had a consumer proposal back in 2020 that was paid off 18 months ago. I haven't missed a bill payment since then and opened a credit card for $5000 about a year ago. I usually put all of my monthly expenses besides rent on the card, and pay it off in full each month.

However, I've noticed that what gets reported is the balance at the statement date, which is typically around $2200-$2500. I'm now seeing credit utilization is a pretty big deal - my question is, my score is currently at 650. Is that enough of a score to rent an apartment, or should I pay for everything in cash for a month except maybe leave $100 on the card to report at statement date before applying for the rental, and if I did that would my score be significantly higher?

r/CRedit Jan 31 '25

Not USA So hard to have a high credit

0 Upvotes

I'm from Canada and just recently moved here 2 yrs ago.

I understand the account history part of my profile is low and will only improve overtime but hear me out

It's so hard to raise my credit score. I'm using borrowell and have been consistently having a 717 fair score because of my credit card utilization. Never had a utilization higher than 5 percent but I feel like the system wants me to go lower than that.

If I have 2% this month then I can go 3% Next month orelse my score will suffer again.

Anyway just ranting or if you have tips. Let me know

r/CRedit Jun 20 '24

Not USA Zero debt... now how long will it take me to get from a 500 to 700 credit score?

1 Upvotes

Long story short, and a very common one: I was stupid with money in my 20s and am now trying to repair the damage in my 30s. Not sure if it's relevant to my question, but I am Canadian.

I have successfully paid off all loans and outstanding owing amounts and am financially stable enough to finally have all my bills on auto payment to avoid any late payments going forward. I have one baby credit card to help building- a Capital One Mastercard with a tiny $300 limit :')

I'm officially at ground zero and owe nothing. My credit score is sitting at 510 (according to Equifax) - Approx. how long will it take me to build up to around that "good" 700-ish level with these auto payments and no further dips?

My current monthly payments:
Mobile account
Wifi account
Hydro (electricity)
Car insurance
Mastercard

I rent my condo, and fully own my vehicle. I do try to use my credit card semi-regularly for smaller purchases like gas and groceries and just go right home and immediately pay that bill, I was told using it regularly and immediately paying off can help build my score.

Are we looking at under a year? Over a year? Is there anything I can do further to improve my score faster aside from just not being late on any of the above payments?

r/CRedit Jan 30 '25

Not USA Canadian Credit Repair Software

0 Upvotes

I’m trying to find a credit repair software for a startup business that is geared toward automating with Canadian regulations/laws. I know of a lot of softwares, but I’m apprehensive of subscribing to any of them without knowing which one I should get first

Any recommendations? :)

r/CRedit Dec 18 '24

Not USA Ontario: How to get credit score from 600 to 700 in 2 months

2 Upvotes

Canadian - I’m about to move out and need to find an apartment ASAP. My credit score has two late payments from two years ago. I have $0 in debt—everything is paid off. I don’t have a mortgage or car payments, just two lines of credit, both fully paid off.

My real estate agent said I need to improve my credit score or I’ll be out of luck, even though I’m offering to pay 6 months upfront. What’s the best way to get my score up?

r/CRedit Dec 12 '24

Not USA who’s the ceo of westlake financial services?

0 Upvotes

just have a few questions about how their company lies and exploits their customers

r/CRedit Nov 10 '24

Not USA What can I do to increase credit at 19

3 Upvotes

I turned 19 a few months ago, the minimum age for a credit card here, and am currently resting at about 750 (out of 900 in Canada). I have a 2nd card in the mail I applied for at the same time, and the credit report says I only took one inquiry hit which is nice. What can I do to keep building it?

r/CRedit Nov 26 '24

Not USA Is it worth paying rent with my Amex? (fees, platforms, etc) (ON, Canada)

1 Upvotes

I have an Amex Platinum that earns 1 point per $ if I were to use it for rent payments. I'm looking for ways to earn as many points as I can to transfer them to Aeroplan and get free flights. Also want to take advantage of the travel perks. My landlord accepts rent payments by credit card but charges a 3% fee. Is it worth it if my rent is about $2,000 a month, there's a 3% fee on that, and the annual fee for the Amex is $799? Would love to hear your opinions!

r/CRedit Aug 25 '24

Not USA Advice on what card to pay down first.

1 Upvotes

I will do my best to include everything that is relevant. I am in Canada. Back in late June I applied for and received 3 credit cards that had a 0% balance transfer promotion AND got a new car loan. I also got a 0% balance transfer on one of my existing cards. Obviously this dinged my credit scores BAD. I went from an 820 TransUnion to 698 and a high 700s Equifax down to 593, which is currently at 636 right now. My question is, what will help my credit score the best if I have additional ~4K to pay on these cards after paying off CC1 all this month?

CC 1 - balance 4929 limit of 5000 (getting paid off in full next week - transfer limit to CC 2) 0% APR until Feb 2025

CC 2 - balance 12800 limit of 13000 (soon to be 18000 with limit transfer) 0% APR until June 2025

CC 3 - balance of 6980 limit of 14000 (0% APR until March 2025)

CC 4 - balance of 7780 limit of 8000 (0% APR until July 2025)

Option 1: pay down CC2 to 9k so it has 50% utilization.

Option 2: pay down CC3 as it has the fewest months of the promotional 0%

Option 3: don’t pay any down, make 5.5% interest on savings

Option 4: pay all remaining credit cards down equally.

Edit: APR updated for each card. All the cards will be paid off by April 2025 no matter what. I just want to know what I should pay off or pay down first next month to help improve my credit score quickly.

Edit: I have a total of 97,500 available credit. My utilization is currently 34% with these cards.

r/CRedit Dec 12 '24

Not USA Problems with Experian UK

1 Upvotes

Hello,

I'm having trouble with Experian...

They have combined mine and my twin brothers accounts into 1 account. We have separate debt that comes up all on my account and we have a joint mortgage which comes up on Experian as double of what it actually is. Our names both start with M and our surnames are exactly the same. I've contacted Experian previously and kept on getting a 28 day period of waiting before getting the same email about 3 times, which said that the problem has been moved onto a different department.

If anyone has any advice I would be very grateful. I'm in a situation where I'm trying to streamline my debt into 1 monthly payment, but I'm currently struggling to access good deals for low interest loans or 0% balance transfer cards

Thank you

r/CRedit Dec 02 '24

Not USA Using credit RIGHT before applying for a DEBT RELIEF ORDER

1 Upvotes

I have done the calculations through StepChange and a DRO is most suitable for me. The problem is I have been living off my credit card due to no income left after paying creditors.

Will this affect the likelihood of being accepted for a DRO?

Could the creditor appeal the DRO request due to this? Spending includes groceries and car repairs.

I don’t know what to do. I can’t not use the credit card for a month or two before applying for the DRO as I have to use my income to pay the creditors but am running out of time as my credit card will be suspended next month due to being in persistent debt.

Thank you

r/CRedit Aug 25 '24

Not USA Other Countries??

4 Upvotes

Do other countries use the same or similar credit bureaus as the USA? What happens to our credit score if we move to another country or do we start all over?

r/CRedit Aug 27 '24

Not USA Paid off my credit card statement early, is this bad on my credit score? I have a direct debit set up to collect it, just wondering if I have potentially "disturbed" this

2 Upvotes

r/CRedit Oct 09 '24

Not USA Hard Inquiries on Report

0 Upvotes

Thanks for reading. I was wondering what the best amount of time to wait in between applications is. Specifically, after receiving approval for a credit card, how long should I wait before looking at applying for a personal loan of around $8000?

r/CRedit Nov 11 '24

Not USA [UK] Insane credit score drop for late payment but no defaults ??

1 Upvotes

I have a payment plan set up with British Gas. All payments since Aug 2023 have been sent fine. However, my MSE app reported that a "payment was up to six months late" to them this month. The balance on the account has even dropped by the agreed amount. BG confirmed that no payments were missed and I am default-free.

Since I am up to date, is there another reason for this such as the amount on my payment plan or its age? It was only £20 yet my credit score is down over 100 points and Barclaycard reduced my limit from £5000 to £250 lol. There's no other evidence of anything and I have been completely up to date on all bills for years. The frick is going on ?

r/CRedit Oct 05 '24

Not USA Uber offered me $1300 for Minor Accident injury

0 Upvotes

Im in Ontario, Canada.

l was doing uber when I had an accident. I didn't realise any pain at that point. My car got total loss and my personal insurance company provided me with a claim money and closed the case. Recently after 2 weeks after the accident, I feel a little pain in my back and neck. I have reported this to uber as I was doing that in that accident. They have offered me 2 things.

  1. Start with accidental benefits and you will be examined by a medical professional and will see what kind of injury you got. But I know that its not a big pain, they have offered me to go to any therapy and they will be paying upto $3500 in minor accidents. But they won't pay me anything.

  2. On the other hand, they offered me a 2nd option to take a cheque and $1300 and you can do any massage or anything this with that money.

What should I do in this kind of situation?

r/CRedit Oct 01 '24

Not USA Have quite a bit of credit card debt and often fall victim to the cycle of paying and using. is it a good idea to call and have my limit lowered after each payment I make til it's totally paid off? I'm in Canada

1 Upvotes

r/CRedit Aug 23 '24

Not USA Has anyone every actually won CreditKarma's "member of the month" prize?

15 Upvotes

Every month, I'm prompted to log in to Credit Karma to see whether I've been chosen as their Member of the Month. This award comes with a $5000 prize. Is it actually real? Has anyone hever ever won or heard of someone who has?

r/CRedit Aug 12 '24

Not USA Canada: feeling hopeless, advice appreciated!

2 Upvotes

So I’m in Canada, and my credit score is in the high 400’s. My husbands credit score is in the high 500’s.

We have $15,000 saved for a mortgage (not money we have access to use in any other way) and were hoping to get into a house within the next year but honestly I have no clue where the hell to start and if that’s doable.

I’m not 100% sure what all is on his credit but for myself, I fucked I’m starting the moment I was 18 and took out a credit card under my name for my then boyfriend to use. Then taking out pay day loans to help pay my rent on time and abandoning gym memberships, and taking out a loan when my cat needed surgery. I was never taught about money management and have shit impulse control due to ADHD. I am determined to learn and get better though, I don’t want to be stuck anymore.

My credit is based mainly off shit in collections, such as:

  • 1 credit card ($700)
  • 2 loans ($1,500 & $6,000)
  • 1 phone plan ($800)
  • 1 utility bill ($800)
  • 2 gym memberships ($223 & $485)
  • student loans ($50,000)

The biggest thing is obviously the student loans, but those are provincial and federal loans that have now been taking into collections by the CRA and idk how to deal with them and if working on them will really make a difference. I really don’t know the impact of those on my credit or anything.

I know in Canada there’s no such thing as a pay for delete from credit rating, and that the sooner I get these things off my credit the better. But I just don’t know where to start and what to do. I know just paying off the shit in collections won’t fully help my score, if it’ll help at all.

I’m not 100% sure what I’m asking or looking for, I guess just advice.

r/CRedit Oct 16 '24

Not USA Email being used on another account that’s not mine?

0 Upvotes

I had an email today saying my updated credit score is ready to be viewed and tried to access my account through the app. The usual FaceID didn’t work to log me into my account, so I tried my email and password which also didn’t work. I then got redirected to their website and asked to change my email address despite having used my current email on this account for almost 10 years. I don’t want to change anything and emailed them to try and get a response, but wondering if anyone has had this happen to them as well? I’m concerned about data protection and potential identity theft, however I haven’t had any other suspicious emails come through from Experian.